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WHILEY COMPANY ISSUED A $100,000, FIVE-YEAR, 10 PERCENT NOTE TO SECURITY COMPANY ON JANUARY 2, 2005. INTEREST WAS TO BE PAID ANNUALLY EACH DECEMBER… – BUSINESS & FINANCE

Whiley Company issued a $100,000, five-year, 10 percent note to Security Company on January 2, 2005. Interest was to be paid annually each December 31. The stated rate of interest reflected the market rate of interest on similar notes. Whiley made the first interest...